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Marketview: Higher Resolution
We all survived the great ~6% pullback of 2013! Momentum remains bullish as markets continue to focus on central banks and the timing of QE exit. Even with earnings season in full swing, the...
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Marketview: More Small Decisions
New highs for most indices and the S&P 500 closed virtually at the high tick of the week. This is bullish price action. Not much has changed in slow summer trade. Our models are still bullish...
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Marketview: Careful of that ticking noise under the hood
Quiet week in economic news with the notable development of the Bank of England adopting Bernanke-style employment level targeting with very British-style caveats. This is big news for proponents of...
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Marketview: Post-Aggression Bid
Early in the week it appeared that a targeted US military missile strike was on track to destabilize the Assad regime. By the end of the week Putin had written an op-ed in the New York Times and...
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Marketview: Tale of Two Timeframes
Rotation, Breadth, and Leadership For the last couple weeks, industrials and basic materials stocks have lead the market. Financials and consumer staples continue to lag. The underperformance...
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Marketview: Absurdly Normal
Sentiment: Confidence? The taboo of optimism has completely eroded. It appears that people are less afraid to admit that they are bullish on stocks than any time in the last four years. Even as the...
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Marketview: Volatility Half-life
Volatility The wild week started off with a gap lower. On Tuesday, the market lost over 1% on high-energy selling and short-term treasury yields got blown out on a relative basis. Eventually, the...
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Marketview: Ripening Consensus
The market appeared slow and out of step on Monday as it addressed a Tuesday jobs report. Nothing wrong with a Tuesday report, but it felt a little like black-tie-formal first thing in the morning....
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Marketview: No Fun Market
There’s a feeling floating around that while markets are up it doesn’t feel very fun. It’s very hard to get excited when the trend is straight out of the most boring playbook of them all: low-cost...
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Marketview: Bull Market Basking in the Sunlight
When bull markets start the fog of uncertainty is so thick you can barely see an inch in front of your face. As time progresses and market returns pile up, the trend becomes more obvious. When the...
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I was out of pocket most of the week travelling. I feel a bit behind the curve but does the narrative even matter anymore? My thoughts are fairly simple: We are in the mature phase of a bull run. If...
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Marketview: Momentum Continues
Trend Classic price action this week as the market sized up a big round number and then backed off only to make another run and break through. We are not big fans of adding to risk here, but there is...
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Marketview: Liquidity Needs
The trend remains intact, but pressing longs this late in the game is for true sportsman only. I tip my hat to the lion tamers out there. Holiday Sentiment Amazon tested a new advertising strategy...
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Marketview: Sell the Good News
Old Wall Street was happy on Monday as bitcoin crashed and the S&P made a new closing high. Everyone else was miserable for the rest of the week because the highs made by very efficient market on...
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Marketview: Explosive End to the Year
There was a little bit of a preview of the week ahead on Sunday night when the futures markets put in a massive overnight range ($ES_F down to 1755). By the time the cash markets opened 20 handles...
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Marketview: Choppy Range
Post-holiday Trade Almost everyone was back in the swing of things this week after a long holiday. We returned to see a market hovering around overbought levels and not really willing to budge. The...
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Marketview: How about now?
Perspective When you look back at this market in a years time you will still lack a perfect understanding of what took place. You will form incorrect memories and evade the truth with regard to your...
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Marketview: Brittle Bones
The week Could the market have closed the week out any further from where we started? The S&P quietly and enthusiastically attempted a new all-time high coming off a holiday Monday. Not only did...
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Marketview: Two-way Extremes
About that Sentiment The crowd sentiment that was ”expecting stock turmoil to pass quickly” got slapped hard by Mr. Market on Monday. Focused squarely on soft reports in manufacturing and housing, the...
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Marketview: Not Logical
The week started with a large gap lower on news of Russian troop movements into the Ukraine over the weekend. Rumor was that China back Russia’s move, and it looked pretty bleak there for a minute....
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